Public Employees Retirement System of Ohio Trims Position in Pinnacle West Capital Co. (NYSE:PNW)

Public Employees Retirement System of Ohio trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,545 shares of the utilities provider’s stock after selling 4,358 shares during the period. Public Employees Retirement System of Ohio’s holdings in Pinnacle West Capital were worth $3,927,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PNW. Capital Research Global Investors lifted its position in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after purchasing an additional 6,344,121 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after buying an additional 2,828,450 shares during the period. Norges Bank purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth about $112,914,000. Victory Capital Management Inc. grew its holdings in Pinnacle West Capital by 1,267.8% during the fourth quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock worth $22,404,000 after acquiring an additional 289,061 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Pinnacle West Capital during the first quarter valued at approximately $12,824,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNW has been the topic of several recent research reports. Barclays lowered their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Citigroup initiated coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target for the company. Finally, LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price target for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $76.77.

Pinnacle West Capital Stock Up 0.2 %

NYSE PNW opened at $85.59 on Thursday. The business has a fifty day moving average price of $78.21 and a 200 day moving average price of $74.17. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The company has a market cap of $9.72 billion, a P/E ratio of 18.65, a P/E/G ratio of 2.18 and a beta of 0.51. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $86.16.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The business had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) earnings per share. Research analysts anticipate that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be issued a $0.88 dividend. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 4.11%. Pinnacle West Capital’s payout ratio is 76.69%.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.